It can be difficult to determine if you're dealing with a scammer during your transactions. Or, you might've suspected a scammer but don't know what to do.
Here are some tips to avoid potential scammers and learn how to secure your assets.
Q1. Does OKX hold crypto or cash?
We only hold onto the seller's crypto once the order is made, for security (otherwise known as escrow). Escrow is a legal term used when a third party holds the assets in a transaction until an agreement has been met between the buyer and the seller.
We don't hold onto cash or freeze any payments from the buyer as the payment is made offline — from card to card (or from wallet to wallet). It is technically impossible for us to hold to payments made outside the OKX platform.
We'll release the crypto to the buyer's account after the seller confirms the payment has been received and selects "Release crypto".
Q2. What should I do if I'm dealing with a scammer or have been scammed?
Raise a dispute immediately if you find any suspicious activities or scammers during the transaction process. Our customer support team will look into it and contact you.
Learn how to raise a dispute here
Q3. How can I further safeguard myself if I'm a seller?
Always check your bank/electronic wallet/payment method of choice to confirm you've received the full payment. Do not solely rely on payment proof provided by the buyer.
Also, when you have a large number of orders, do not release your crypto based on an email or SMS notification. Scammers can send a fake SMS which at first glance looks like an SMS from a bank. Or they may send you a fake email, pretending to be from payment services such as Wise or AdvCash. Always check the email address to make sure the domain matches with the service domain. Raise a dispute if the domains don't match.
Q4. What should I do if I received money from an account that's not the buyer's name, but the buyer selected "Payment completed"?
You should raise a dispute to customer support as this may be a suspicious situation of triangulation fraud.
Triangulation fraud involves a buyer sending payment from a card that's under another person's name. The seller accepts the payment, releases the crypto, and after some time receives a notification from the bank that the other person, whose card the payment was sent from, has reported to the bank that the funds were stolen.
In this case, we won't be able to get involved in this transaction as the payment is made outside our platform. It's also very difficult for the relevant bank to resolve this matter.
Always check the buyer's name and payment amount are correct before releasing the crypto. If you receive payment and the payer's name doesn't match the buyer's name on OKX, please raise a dispute. We don't recommend accepting payment from a credit/debit card that doesn't belong to the buyer.